Lackawanna ACC105 2021 September Module 5 Quiz Latest

ACC105 Principles of Accounting 1

Module 5 Quiz  

Question 1Asset turnover

Cost of merchandise sold

Gross profit

Merchandise inventory

Operating cycle

Sales

Inventory Shrinkage/Shortage

Question 2Cash refund

Credit memorandum

Credit period

Credit terms

Customer allowance

O. Returns to the seller by the customer or reductions from the initial selling price due to defective or damaged merchandise or goods that did not meet the customer’s expectations.

Customer disounts

Customer refunds payable

Debit memorandum

Estimated returns inventory

FOB (free on board) destination

FOB (free on board) shipping point

Invoice           

Periodic inventory system

Perpetual inventory system

Physical inventory

Purchases discounts

Purchases returns and allowances

Sales discounts

Trade discounts

Wholesalers

Question 3Net method

Subsidiary ledger

General ledger

Controlling account

Accounts receivable subsidiary ledger

Accounts payable subsidiary ledger

Inventory subsidiary ledger

Special journals

Question 4Administrative expenses

Income from operations

Multi-step income statement

 Other expense

Other revenue

Selling expense

Single step income statement